| Announcements | ||
| Iron ore price negotiations - ANZ sees 50% dip in 2009 - 18 Nov, 2008 | ||
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Bloomberg citing Australia & New Zealand Banking Group Limited reported that iron ore contract prices, at records after six years of gains may halve in 2009 as demand from China slumps. Mr Mark Pervan, a senior commodity strategist at ANZ said that the benchmark Australian ore price for the year may drop 50% to USD 46 per tonne from USD 93 per tonne in 2008. ANZ had earlier forecast a decline of 20%. Mr Pervan also said that “China is iron ore's key market and conditions have deteriorated quickly. The iron ore market now has a major overhang of port stocks.'' RBC Capital Markets analysts have commented that prices may decline 25% in 2009 to USD 68.40 per tonne on cuts to steel production and the slump in cash prices. Macquarie Group had predicted iron ore prices may drop 20%. That compared with its previous forecast for no change in prices. It may be pointed out that Goldman Sachs JBWere Pty, UBS AG and Macquarie Group have lowered forecasts for iron ore since October 2008 while Merrill Lynch & Co and Credit Suisse Group AG are tipping prices to remain at a record. Cash prices for iron ore delivered to China have slumped 59% this half, prompting Rio Tinto Group to delay shipments. | ||
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